Lululemon Athletica Inc (LULU) 2021 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the lululemon athletica inc. Fourth Quarter and Year-End 2021 Conference Call. (Operator Instructions) And the conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Howard Tubin, Vice President, Investor Relations for lululemon athletica. Please go ahead.

謝謝你的支持。這是會議接線員。歡迎來到 lululemon sportsa inc。 2021 年第四季度和年終電話會議。 （操作員說明）會議正在錄製中。 （操作員說明）我現在想將會議轉交給 lululemon 的投資者關係副總裁 Howard Tubin。請繼續。

Thank you, and good afternoon. Welcome to lululemon's Fourth Quarter Earnings Conference Call. Joining me today to talk about our results are Calvin McDonald, CEO; and Meghan Frank, CFO.

謝謝，下午好。歡迎來到 lululemon 的第四季度收益電話會議。今天和我一起談論我們的結果的是首席執行官 Calvin McDonald；和首席財務官梅根·弗蘭克。

Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements reflecting management's current forecast of certain aspects of lululemon's future. These statements are based on current information, which we have assessed, but by which its nature is dynamic and subject to rapid and even abrupt changes. Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business, including those we have disclosed in our most recent filings with the SEC including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

在開始之前，我想藉此機會提醒您，我們今天的講話將包括前瞻性陳述，反映管理層當前對 lululemon 未來某些方面的預測。這些陳述基於我們已經評估的當前信息，但其性質是動態的，並且會發生快速甚至突然的變化。由於與我們的業務相關的風險和不確定性，包括我們在最近提交給美國證券交易委員會的文件（包括我們的 10-K 表格年度報告和我們在表格 10-Q 上的季度報告。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we expressly disclaim any obligation or undertaking to update or revise any of these statements as a result of new information or future events. During this call, we will present both GAAP and non-GAAP financial measures. Reconciliation of GAAP to non-GAAP measures is included in our annual report on Form 10-K and in today's earnings press release. In addition, comparable sales metrics given on today's call are on a constant dollar basis. The press release and accompanying annual report on Form 10-K are available under our Investors section of our website at www.lululemon.com.

我們在本次電話會議上做出的任何前瞻性陳述均基於截至今天的假設，我們明確表示不承擔因新信息或未來事件而更新或修改任何這些陳述的任何義務或承諾。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 措施的對賬包含在我們的 10-K 表格年度報告和今天的收益新聞稿中。此外，今天電話會議上給出的可比銷售指標是以不變美元為基礎的。新聞稿和隨附的 10-K 表格年度報告可在我們網站 www.lululemon.com 的投資者部分獲取。

Before we begin the call, I'd like to remind our investors to visit our investor site where you'll find a summary of our key financial operating statistics for the fourth quarter as well as our quarterly infographic. Today's call is scheduled for 1 hour, so please limit yourself to 1 question at a time to give others the opportunity to have their questions addressed. And now I would like to turn the call over to Calvin.

在我們開始電話會議之前，我想提醒我們的投資者訪問我們的投資者網站，在那裡您可以找到我們第四季度主要財務運營統計數據的摘要以及我們的季度信息圖。今天的電話會議時間為 1 小時，因此請一次限制自己回答 1 個問題，以便其他人有機會解決他們的問題。現在我想把電話轉給 Calvin。

Thank you, Howard. It's my pleasure to welcome everyone to our earnings conference call.

謝謝你，霍華德。我很高興歡迎大家參加我們的收益電話會議。

The fourth quarter was a strong finish to a strong year. Once again, we delivered revenue growth in excess of our Power of Three targets, and we grew adjusted earnings per share of 31% compared to last year and 22% on a 2-year CAGR basis. Looking at our full year results, I'm particularly proud that we crossed the $6 billion in annual revenue milestone, and we accomplished this despite the ongoing challenges in the macro environment. And we have seen our momentum continue and accelerate as we enter the first quarter.

第四季度是強勁的一年的強勁結束。再一次，我們實現了超過我們的三個力量目標的收入增長，與去年相比，我們的調整後每股收益增長了 31%，在 2 年復合年增長率的基礎上增長了 22%。看看我們的全年業績，我特別自豪的是，我們超過了 60 億美元的年收入里程碑，儘管宏觀環境持續存在挑戰，我們還是實現了這一目標。隨著我們進入第一季度，我們已經看到我們的勢頭繼續並加速。

Our guidance calls for 24% to 26% top line growth and 19% to 23% adjusted EPS growth in quarter 1. For 2022 overall, we are also guiding to another strong year for the company, and I'm optimistic about our performance and opportunities going forward as we continue to build upon our unique strengths and bring technical innovation to our guests. I'm pleased to walk you through the key highlights of our fourth quarter and annual performance on today's call. And I look forward to speaking with you again in a few weeks when we host our Analyst Day, where we will share our vision and outlook for the next 5 years.

我們的指引要求第一季度營收增長 24% 至 26%，調整後每股收益增長 19% 至 23%。對於 2022 年總體而言，我們也將指引公司迎來又一個強勁的一年，我對我們的業績和隨著我們繼續發揮我們獨特的優勢並為我們的客人帶來技術創新，我們將迎來更多機遇。我很高興在今天的電話會議上向您介紹我們第四季度和年度業績的主要亮點。我期待在幾週後舉辦分析師日時再次與您交談，屆時我們將分享我們對未來 5 年的願景和展望。

But before I begin, I want to take a moment to acknowledge the horrific situation in Ukraine and the humanitarian crisis that is unfolding. While we do not operate in Ukraine, we have made a donation to the relief efforts and are also supporting our employees who have family and friends in the region. In addition, as we look around the world, we continue to closely monitor our markets that are experiencing the surging impacts of COVID-19. As we have done throughout the pandemic, we will prioritize the health and safety of our people and the communities we serve and the decisions that we make.

但在開始之前，我想花點時間承認烏克蘭的可怕局勢和正在蔓延的人道主義危機。雖然我們不在烏克蘭開展業務，但我們為救援工作捐款，並支持我們在該地區有家人和朋友的員工。此外，當我們環顧世界時，我們將繼續密切關注正在經歷 COVID-19 激增影響的市場。正如我們在整個大流行期間所做的那樣，我們將優先考慮我們人民和我們服務的社區的健康和安全以及我們做出的決定。

Now turning to our results. The fourth quarter capped off another impressive year of growth for us, demonstrating the sustained momentum in the business. I want to thank our teams across the entire organization who navigated the Omicron variant, successfully executed against our Power of Three growth plan and continue to deliver for our guests and all of our stakeholders. In the fourth quarter, revenue grew 23% versus last year and 23% on a 2-year CAGR basis. And for the full year, revenue grew 42% versus 2020 and 25% on a 2-year CAGR basis, an impressive performance by any benchmark with strength across our products, channels and geographies.

現在轉向我們的結果。第四季度對我們來說是又一個令人印象深刻的增長年，顯示了業務的持續發展勢頭。我要感謝我們整個組織的團隊，他們駕馭了 Omicron 變體，成功執行了我們的“三個力量”增長計劃，並繼續為我們的客人和所有利益相關者提供服務。第四季度，收入同比增長 23%，兩年復合年增長率為 23%。全年收入與 2020 年相比增長了 42%，在 2 年復合年增長率的基礎上增長了 25%，在我們的產品、渠道和地區的任何基準測試中，這都是令人印象深刻的表現。

Before discussing our results in more detail, I will touch on several topics, including the macro trends that continue to provide a tailwind for our business, the ongoing issues within the global supply chain and their impact on our inventory levels and pricing. lululemon continues to benefit from several consumer trends that uniquely position us in the marketplace. First, category strength as athletic apparel continues to outpace growth in overall apparel. Second, the growing significance of versatility, both while guests are engaging in their fitness routines and in their everyday lives. Third, the importance of both physical retail and the convenience of digital engagement, these speak particularly well to our operating model. And finally, the increasing focus on physical, mental and social well-being given everything that people are navigating across the globe. These trends have accelerated during the COVID-19 period, and we are well positioned to continue to grow our business in 2022 and beyond.

在更詳細地討論我們的結果之前，我將討論幾個主題，包括繼續為我們的業務提供順風的宏觀趨勢、全球供應鏈中持續存在的問題及其對我們庫存水平和定價的影響。 lululemon 繼續受益於使我們在市場上獨樹一幟的多種消費趨勢。首先，運動服裝的類別實力繼續超過整體服裝的增長。其次，多功能性的重要性日益增加，無論是在客人進行健身活動還是在日常生活中。第三，實體零售的重要性和數字參與的便利性，這些都很好地說明了我們的運營模式。最後，考慮到人們在全球範圍內航行的一切，人們越來越關注身體、心理和社會福祉。這些趨勢在 COVID-19 期間加速發展，我們有能力在 2022 年及以後繼續發展我們的業務。

Shifting to the supply chain. We continue to experience delays across our global network, particularly related to transporting our products via ocean freight. As a result, we continue to lean more heavily into air freight. However, I am pleased with how our teams have become increasingly adept at navigating these challenges. We have implemented several strategies to ensure we have the proper levels of inventory to fuel our top line growth. And as I've stated on prior calls, our core seasonless product makes up a meaningful percentage of our inventory, approximately 45%, which carries minimal markdown risk and positions us well to fulfill ongoing and future guest demand. Meghan will discuss our inventory levels in more detail shortly.

轉向供應鏈。我們繼續在我們的全球網絡中遇到延誤，特別是與通過海運運輸我們的產品有關。因此，我們繼續更傾向於空運。然而，我很高興我們的團隊越來越善於應對這些挑戰。我們已經實施了幾項策略，以確保我們擁有適當的庫存水平來推動我們的收入增長。正如我在之前的電話中所說，我們的核心無季節性產品占我們庫存的相當大比例，大約 45%，這具有最小的降價風險，並使我們能夠很好地滿足持續和未來的客戶需求。梅根很快將更詳細地討論我們的庫存水平。

When looking at pricing, we continue to be strategic. We plan to take some selective price increases over the course of the year on a small portion of our styles. Our pricing also factors in the value of our innovation, and we will continue to monitor the competitive environment to ensure we maintain our price position relative to our key peers.

在考慮定價時，我們繼續保持戰略性。我們計劃在一年中對我們的一小部分款式進行一些選擇性的價格上漲。我們的定價也影響了我們創新的價值，我們將繼續監控競爭環境，以確保我們保持相對於主要同行的價格地位。

Let me share further highlights from quarter 4 and our overall results for 2021, starting with the fourth quarter. First, we generated total revenue of $2.1 billion. Despite the onset of the Omicron variant during the peak weeks of the holiday season, we delivered growth in excess of our Power of Three plan. Second, our e-commerce business remained strong, with comps up 16% on top of a strong 92% last year. This translates on a 2-year CAGR basis to an increase in e-commerce of 50%. Third, our adjusted earnings per share were $3.37, which is better than the guidance we provided in January. And as I mentioned, we are pleased with how our momentum accelerated into the first quarter, as indicated by our strong guidance range.

讓我分享第四季度的更多亮點以及我們從第四季度開始的 2021 年總體業績。首先，我們創造了 21 億美元的總收入。儘管 Omicron 變體在假期旺季的高峰週開始出現，但我們實現的增長超過了我們的“三個力量”計劃。其次，我們的電子商務業務保持強勁，在去年強勁的 92% 的基礎上增長了 16%。這意味著在 2 年的複合年增長率的基礎上，電子商務增長了 50%。第三，我們調整後的每股收益為 3.37 美元，好於我們在一月份提供的指導。正如我所提到的，我們很高興我們的勢頭如何加速進入第一季度，正如我們強大的指導範圍所表明的那樣。

For the full year 2021, we delivered on our financial commitments and also made notable headway on our impact agenda goals. Some key milestones include generating total revenue of $6.26 billion, delivering adjusted earnings per share of $7.79 and achieving our Power of Three targets early including exceeding our total revenue target, doubling our e-commerce business, doubling our men's business, and we are on track to quadruple our international business by the end of 2022.

在 2021 年全年，我們兌現了財務承諾，並在我們的影響議程目標方面取得了顯著進展。一些關鍵的里程碑包括產生 62.6 億美元的總收入，實現 7.79 美元的調整後每股收益，並提前實現我們的“三個力量”目標，包括超過我們的總收入目標、我們的電子商務業務翻一番、我們的男裝業務翻番，我們正在走上正軌到 2022 年底，我們的國際業務將翻兩番。

I'm pleased in our ability to deliver every 2023 goal ahead of schedule, which is particularly noteworthy given the effects of the global pandemic. This level of performance is only possible because of the agility and nimbleness of our teams who successfully navigated the macro environment, supported each other and found new ways to engage with our guests. I'm also proud of how we advanced our impact agenda in 2021 to drive meaningful positive change in the world.

我很高興我們能夠提前實現 2023 年的每一個目標，考慮到全球大流行的影響，這一點尤其值得注意。之所以能達到這種水平，是因為我們團隊的敏捷性和敏捷性，他們成功地駕馭了宏觀環境，相互支持，並找到了與客人互動的新方式。我也為我們如何在 2021 年推進影響議程以推動世界發生有意義的積極變化而感到自豪。

A few examples include launching our first reCommerce program, lululemon Like New and 2 test markets and introducing our limited edition Earth Dye Collection; partnering with and investing in Genomatica to create the first ever plant-based alternative to nylon, which will help us achieve our goals to make 100% of our products with sustainable materials and have end-of-life solutions by 2030; and establishing our lululemon Center for Social Impact to help break the barriers to well-being in local and global communities with a commitment to contribute $75 million by 2025. These are important milestones and represent only the beginning of what we will accomplish related to sustainability and well-being.

一些例子包括推出我們的第一個 reCommerce 計劃、lululemon Like New 和 2 個測試市場，以及推出我們的限量版 Earth Dye Collection；與 Genomatica 合作並投資於 Genomatica，以創造首個尼龍的植物基替代品，這將幫助我們實現我們的目標，即到 2030 年我們的產品 100% 使用可持續材料並提供報廢解決方案；並建立我們的 lululemon 社會影響中心，以幫助打破當地和全球社區福祉的障礙，並承諾到 2025 年貢獻 7500 萬美元。這些都是重要的里程碑，只是我們將在可持續發展和福利。

Next, I will provide some additional details on our quarter 4 results and the foundational strengths that drive our business, fuel our success and give us a distinct competitive advantage. I will begin with product innovation. Our momentum remains on the upswing across all major categories, with women's revenue increasing 20%, men's growing 28% and accessories up 33%, all on a 2-year CAGR basis. In quarter 4, we continued to leverage the Science of Feel to fuel product newness and innovation, our guests responded well to our holiday merchandise assortment, and we saw a positive response to outerwear, second layers and technical shorts for both women and men.

接下來，我將提供一些關於我們第 4 季度業績的更多詳細信息，以及推動我們業務發展、推動我們成功並賦予我們獨特競爭優勢的基礎優勢。我將從產品創新開始。我們所有主要品類的增長勢頭都保持在上升趨勢，女裝收入增長 20%，男裝增長 28%，配飾增長 33%，均以 2 年復合年增長率計算。在第 4 季度，我們繼續利用“感覺科學”來推動產品的新穎性和創新，我們的客人對我們的假日商品分類反應良好，我們看到男女外衣、第二層和技術短褲的積極響應。

Looking forward, our product pipeline remains robust, and I'm excited for the innovations we are bringing to market in 2022. Some highlights include our multiyear partnership with the Canadian Olympic Committee and Canadian Paralympic Committee. I'm excited by the reaction to our product in the buzz this partnership created for our brand, notably both inside and outside of Canada.

展望未來，我們的產品線依然強勁，我對我們在 2022 年推向市場的創新感到興奮。其中一些亮點包括我們與加拿大奧委會和加拿大殘奧委員會的多年合作夥伴關係。我對這種合作夥伴關係為我們的品牌創造的嗡嗡聲對我們產品的反應感到興奮，尤其是在加拿大境內外。

Partnering with Team Canada is a unique opportunity for us to build awareness for lululemon on the global stage and to support some of the world's most elite athletes. We are off to a great start. And I'm thrilled that this month, we launched our footwear collection, and we have received a very broad-based positive reaction to our unique women's first positioning. In development for more than 4 years and leveraging our 20-plus years of designing and creating performance gear for women, we revealed our first 3 styles of technical athletic shoes and 1 performance slide to the market.

與加拿大隊合作是我們在全球舞台上建立對 lululemon 的認識並支持一些世界上最優秀的運動員的獨特機會。我們有了一個良好的開端。我很高興這個月，我們推出了我們的鞋履系列，並且我們收到了對我們獨特的女性第一定位的非常廣泛的積極反應。在超過 4 年的開發過程中，利用我們 20 多年為女性設計和創造性能裝備的經驗，我們向市場展示了我們的前 3 款技術運動鞋和 1 款性能滑梯。

The first of our 4 styles, Blissfeel, began selling on March 22 in North America and Mainland China and the U.K. will launch shortly. The initial guest response to Blissfeel has dramatically exceeded our expectations, not to mention incredible reviews from a number of publications and guests, and we'll have more to share about our footwear at Analyst Day.

我們 4 種款式中的第一種 Blissfeel 於 3 月 22 日開始在北美和中國大陸銷售，不久將在英國推出。客人對 Blissfeel 的最初反應大大超出了我們的預期，更不用說來自許多出版物和客人的令人難以置信的評論，我們將在分析師日分享更多關於我們鞋類的信息。

Before moving on to our omni guest experience pillar, I want to highlight several additional innovations we have teed up in 2022. First, we will continue to lean into our franchise strategy, and you'll see us introduce new silhouettes into our popular Scuba and Define collections. Next, as guests begin to return to the office into more normalcy in their lives, we will continue to expand our on-the-move collection with new styles of tops and bottoms for men and women planned throughout the year.

在繼續我們的全方位賓客體驗支柱之前，我想強調一下我們在 2022 年推出的幾項額外創新。首先，我們將繼續致力於我們的特許經營戰略，您會看到我們將新款式引入我們廣受歡迎的 Scuba 和定義集合。接下來，隨著客人們開始回到辦公室，過著更加正常的生活，我們將繼續擴大我們的移動系列，全年計劃推出新款式的男女上裝和下裝。

And finally, I'm very excited that we are advancing our play strategy as well with the launch of our first-ever design for tennis collection available in stores and online beginning this week and our first-ever design for golf collection, which will roll out next week. As you can see, we have ample opportunity to bring new technical solutions to our guests and I'm pleased with how our product pipeline looks going forward.

最後，我很高興我們正在推進我們的比賽策略，並從本週開始在商店和網上推出我們的第一個網球系列設計，以及我們的第一個高爾夫系列設計，它將推出下週出。如您所見，我們有充足的機會為我們的客人帶來新的技術解決方案，我對我們的產品線的發展前景感到高興。

Switching now to our store channel. Total revenue in quarter 4 increased 47% versus last year and 3% on a 2-year CAGR basis. Traffic increased 50% and operating profit expanded significantly versus last year. We were pleased to get off to a promising start during the recent holiday season and then like others, we experienced several consequences of the Omicron variants such as capacity constraints, limits on staff availability and reduced operating hours in some locations. Towards the middle of January, we began to see store traffic improve, and this trend has continued into the first quarter. This acceleration underpins our guidance, which is detailed in our press release, and Meghan will discuss shortly.

現在切換到我們的商店頻道。第 4 季度的總收入與去年相比增長了 47%，在 2 年復合年增長率的基礎上增長了 3%。與去年相比，客流量增加了 50%，營業利潤顯著增加。我們很高興在最近的假期開始了一個充滿希望的開端，然後像其他人一樣，我們經歷了 Omicron 變體的幾個後果，例如容量限制、員工可用性限制以及某些地點的工作時間減少。到 1 月中旬，我們開始看到門店客流量有所改善，並且這種趨勢一直持續到第一季度。這種加速支持了我們的指導，我們的新聞稿中對此進行了詳細說明，梅根將很快討論。

I'm excited by the energy I'm seeing in our stores. In fact, I was able to spend some time with our teams in New York earlier this month, and it was incredible to see our guests once again looking to connect with lululemon in real life and the excitement among our educators to welcome them back into our stores.

我對在我們商店看到的能量感到興奮。事實上，本月早些時候，我在紐約與我們的團隊共度了一段時間，令人難以置信的是，我們的客人再次希望在現實生活中與 lululemon 建立聯繫，並且我們的教育工作者興奮地歡迎他們回到我們的商店。

Turning to our e-commerce business. We continue to successfully leverage our investments in our sites and apps over the last 2 years which enhanced the user experience and allowed us to serve even more guests where, when and how they want to shop. Looking forward, we will fuel ongoing growth in both traffic and conversion by continuing to make foundational investments across our digital platform. These will include enhancing our storytelling by adding more content and product comparison, improving inventory accuracy and continuing to make the guest checkout experience more seamless.

轉向我們的電子商務業務。在過去的 2 年裡，我們繼續成功地利用我們在網站和應用程序上的投資，這增強了用戶體驗，並使我們能夠在他們想要購物的地點、時間和方式為更多的客人提供服務。展望未來，我們將繼續在我們的數字平台上進行基礎投資，從而推動流量和轉化率的持續增長。這些將包括通過添加更多內容和產品比較來增強我們的故事講述，提高庫存準確性並繼續使客人結帳體驗更加無縫。

Our omni operating model has served us well through the COVID-19 environment. We were an omni business long before the pandemic hit, and this enables us to continue raising our capabilities across channels to engage with our guests on their terms in new and compelling ways.

我們的全方位運營模式在 COVID-19 環境中為我們提供了良好的服務。早在大流行爆發之前，我們就已經是一家全能企業，這使我們能夠繼續提高跨渠道的能力，以新的和引人注目的方式與我們的客人互動。

Turning now to MIRROR. In quarter 4, MIRROR performed in line with our revised expectations and for the year, both revenue and dilution were consistent with the guidance we provided. We remain enthusiastic about MIRROR, the opportunities within hybrid fitness and our plans for the platform in 2022 and beyond. We will hold further discussion about MIRROR for our Analyst Day in a few weeks, and I'm excited to share more with you about the evolution of our business and how it will further help build loyalty and community at lululemon.

現在轉向鏡子。在第 4 季度，MIRROR 的表現符合我們修改後的預期，並且在這一年，收入和稀釋都與我們提供的指導一致。我們仍然對 MIRROR、混合健身中的機會以及我們在 2022 年及以後的平台計劃充滿熱情。我們將在幾週後的分析師日就 MIRROR 進行進一步討論，我很高興與您分享更多關於我們業務發展的信息，以及它將如何進一步幫助 lululemon 建立忠誠度和社區。

Before handing it over to Meghan, I'd like to spend a few minutes on our international business. While we saw similar impacts from COVID-19 across many of our international markets, our performance remained strong in quarter 4. It's also important to note that we remain in early days of our growth trajectory outside of North America. For the full year 2021, international revenue grew by more than 50% and still represents just 15% of the business, and our EMEA business turned profitable for the first time.

在把它交給梅根之前，我想花幾分鐘時間了解一下我們的國際業務。雖然我們在許多國際市場看到了 COVID-19 的類似影響，但我們在第 4 季度的表現依然強勁。同樣重要的是要注意，我們在北美以外的增長軌跡仍處於早期階段。 2021 年全年，國際收入增長超過 50%，但仍僅佔業務的 15%，我們的 EMEA 業務首次實現盈利。

We continue to see how well the lululemon brand translates across borders and our plans in the coming year call for approximately 40 new stores opening across our international markets. In quarter 4, we saw a strong performance from every major region with each generating robust double-digit sales growth on a 2-year CAGR basis. In Mainland China, revenue increased more than 60% on a 2-year CAGR basis. After experiencing a slowdown in stores in December related to the COVID-19 variant, we saw an acceleration in January, fueled by our Lunar New Year activation. The Olympics also generated considerable excitement in the region, and we saw a significant lift in traffic that coincided with the games.

我們繼續看到 lululemon 品牌的跨境轉化效果如何，我們來年的計劃要求在我們的國際市場開設大約 40 家新店。在第 4 季度，我們看到每個主要地區都表現強勁，每個地區的銷售額都在 2 年復合年增長率的基礎上實現了強勁的兩位數增長。在中國大陸，收入按 2 年復合年增長率增長超過 60%。在經歷了與 COVID-19 變體相關的商店在 12 月放緩後，我們在 1 月看到了加速增長，這得益於我們的農曆新年活動。奧運會也在該地區產生了相當大的興奮，我們看到與奧運會同時出現的交通量顯著增加。

And one other data point among many, in Australia, we have begun a store optimization program modeled after our successful approach in North America. Initial guest response to our remodeled stores has been strong, and the program is also helping drive new guest acquisition to our most mature international market. This shows the growth potential for lululemon in both our more mature and relatively new international markets.

在眾多數據點中，還有一個數據點是，在澳大利亞，我們以我們在北美的成功方法為藍本，開始了一項商店優化計劃。最初的顧客對我們改造後的商店的反應很強烈，該計劃還有助於將新顧客吸引到我們最成熟的國際市場。這顯示了 lululemon 在我們更成熟和相對較新的國際市場中的增長潛力。

And with that, I'll turn it over to Meghan.

有了這個，我會把它交給梅根。

Thanks, Calvin.

謝謝，卡爾文。

We delivered solid performance in Q4 while navigating supply chain challenges and the impacts of COVID-19. And I'm encouraged that we've seen trends accelerate in Q1. We are positioned well for spring despite the challenges that continue to exist in the macro environment, and I'm excited about what's in store for lululemon in 2022. I'm also thrilled that I'll get the chance to see many of you in person at our Analyst Day next month. We have a new 5-year plan, and I'm looking forward to sharing our updated long-term financial targets with you at that time.

我們在應對供應鏈挑戰和 COVID-19 影響的同時，在第四季度實現了穩健的表現。令我感到鼓舞的是，我們已經看到第一季度的趨勢加速。儘管宏觀環境中繼續存在挑戰，但我們為春天做好了準備，我對 2022 年 lululemon 的前景感到興奮。我也很高興有機會見到你們中的許多人下個月我們的分析師日的人。我們有一個新的 5 年計劃，我期待屆時與您分享我們更新的長期財務目標。

Let me now share with you the details of our Q4 performance. I will also discuss specifics on our balance sheet, including our inventory and cash position. Please note that the adjusted financial metrics I will share include the operating results of MIRROR that exclude approximately $1.5 million of acquisition-related costs and their associated tax effect in Q4 2021 and $7.8 million of acquisition-related costs and their associated tax effect in Q4 2020. You can refer to our earnings release for more information and reconciliations to our GAAP metrics.

現在讓我與您分享我們第四季度的表現細節。我還將討論我們資產負債表上的細節，包括我們的庫存和現金狀況。請注意，我將分享的調整後財務指標包括 MIRROR 的經營業績，其中不包括 2021 年第四季度約 150 萬美元的收購相關成本及其相關稅收影響以及 2020 年第四季度的 780 萬美元收購相關成本及其相關稅收影響. 您可以參考我們的收益發布以獲取更多信息以及與我們的 GAAP 指標的對賬。

For Q4, total net revenue increased 23% to $2.1 billion, in line with our guidance. Comparable sales increased 22% with a 32% increase in stores and a 16% increase in digital. On a 2-year CAGR basis, total revenue increased 23%. In our store channel, sales increased 47% on a 1-year basis and 3% on a 2-year CAGR basis. Productivity was slightly below 2019 levels due to impacts from the Omicron variant, including increased capacity constraints, more -- limited staff availability and reduced operating hours in certain locations. On average, we had 99% of our stores opened throughout Q4. We currently have 97% open with current closures related to the impact of COVID-19 in China.

第四季度，總淨收入增長 23% 至 21 億美元，符合我們的預期。可比銷售額增長了 22%，其中商店增長了 32%，數字增長了 16%。在 2 年復合年增長率的基礎上，總收入增長了 23%。在我們的商店渠道中，銷售額在 1 年的基礎上增長了 47%，在 2 年的 CAGR 基礎上增長了 3%。由於 Omicron 變體的影響，生產力略低於 2019 年的水平，包括增加的產能限制，更多 - 有限的員工可用性和某些地點的工作時間減少。平均而言，我們有 99% 的門店在整個第四季度開業。目前，由於 COVID-19 在中國的影響，我們目前已關閉 97%。

Square footage increased 14% versus last year, driven by the addition of 53 net new stores since Q4 of 2020. During the quarter, we opened 22 net new stores. In our digital channel, revenues increased 50% on a 2-year CAGR basis and contributed $1 billion of top line or 49% of total revenue. Within North America, revenue increased 21% and within international, we saw a 41% increase, both on a 2-year CAGR basis.

由於自 2020 年第四季度以來新增了 53 家淨新店，面積比去年增加了 14%。本季度，我們開設了 22 家淨新店。在我們的數字渠道中，收入在 2 年復合年增長率的基礎上增長了 50%，貢獻了 10 億美元的收入或總收入的 49%。在北美，收入增長了 21%，在國際範圍內，我們看到了 41% 的增長，兩者均以 2 年的複合年增長率為基礎。

Gross profit for the fourth quarter was $1.2 billion or 58.1% of net revenue compared to 58.6% of net revenue in Q4 2020 and 58% of net revenue in Q4 2019. The deleverage relative to 2020 was driven by increased air freight expense. Our gross margin increase of 10 basis points relative to 2019 was driven by 120 basis points of leverage on occupancy, depreciation, product team and DC costs and 20 basis points of favorability in foreign exchange, which was partially offset by a 130 basis point decrease in product margin. Q4 product margin included an increase of approximately 530 basis points in air freight related to macro supply chain challenges, without which product margin would have increased versus 2019. I would also note that markdowns declined 110 basis points relative to 2019.

第四季度的毛利潤為 12 億美元，占淨收入的 58.1%，而 2020 年第四季度占淨收入的 58.6%，佔 2019 年第四季度淨收入的 58%。相對於 2020 年的去槓桿是由航空貨運費用增加推動的。與 2019 年相比，我們的毛利率增加了 10 個基點，這是由 120 個基點的佔用率、折舊、產品團隊和 DC 成本的槓桿以及 20 個基點的外匯優惠推動的，這部分被 130 個基點的下降所抵消產品利潤率。第四季度產品利潤率包括與宏觀供應鏈挑戰相關的空運增加約 530 個基點，如果沒有這些，產品利潤率將比 2019 年增加。我還注意到，降價幅度相對於 2019 年下降了 110 個基點。

Moving to SG&A. Our approach continues to be grounded and prudently managing our expenses while also continuing to strategically invest in our long-term growth opportunities. SG&A expenses were $642 million or 30.2% of net revenue compared to 31.5% of net revenue in Q4 2020 and 28.2% of net revenue in Q4 2019. The leverage in the quarter versus Q4 2020 resulted from leverage in our store channel, somewhat offset by increased investments in corporate SG&A. The deleverage relative to Q4 2019 is primarily related to the consolidation of MIRROR's results this year but not in 2019.

轉移到 SG&A。我們的方法繼續立足並謹慎管理我們的開支，同時繼續戰略性地投資於我們的長期增長機會。 SG&A 費用為 6.42 億美元，占淨收入的 30.2%，而 2020 年第四季度占淨收入的 31.5%，佔 2019 年第四季度淨收入的 28.2%。與 2020 年第四季度相比，本季度的槓桿率來自我們商店渠道的槓桿率，但在一定程度上抵消了增加對企業SG&A的投資。相對於 2019 年第四季度的去槓桿化主要與 MIRROR 今年的業績合併有關，但與 2019 年無關。

Adjusted operating income for the quarter was $592 million or 27.8% of net revenue compared to 26.9% of net revenue in Q4 2020 and 29.8% of net revenue in Q4 2019. Excluding MIRROR, lululemon-only operating margin increased modestly versus 2019, inclusive of the 530 basis point increase in air freight. Tax expense for the quarter was $156 million or 26.4% of pretax earnings compared to an adjusted effective tax rate of 27.4% a year ago. The reduction relative to last year is primarily due to increased deductions for stock-based compensation and a reduction in adjustments upon the filing of certain tax returns.

本季度調整後營業收入為 5.92 億美元，占淨收入的 27.8%，而 2020 年第四季度占淨收入的 26.9%，佔 2019 年第四季度淨收入的 29.8%。不包括 MIRROR，僅 lululemon 的營業利潤率與 2019 年相比略有增長，包括空運增加530個基點。本季度的稅收支出為 1.56 億美元，佔稅前收益的 26.4%，而一年前調整後的有效稅率為 27.4%。與去年相比的減少主要是由於股票薪酬的扣除增加以及提交某些納稅申報表時的調整減少。

Adjusted net income for the quarter was $436 million or $3.37 per diluted share compared to adjusted earnings per diluted share of $2.58 in Q4 of 2020 and $2.28 in Q4 of 2019. Capital expenditures were $128 million for the quarter compared to $58 million in the fourth quarter last year. Q4 spend relates primarily to store capital for new locations, relocations and renovations, supply chain investment and technology spend to support our business growth.

本季度調整後淨收入為 4.36 億美元或每股攤薄收益 3.37 美元，而 2020 年第四季度和 2019 年第四季度的調整後每股攤薄收益分別為 2.58 美元和 2.28 美元。本季度資本支出為 1.28 億美元，而第四季度為 5800 萬美元去年。第四季度支出主要與新地點、搬遷和裝修、供應鏈投資和技術支出有關，以支持我們的業務增長。

Turning to our balance sheet highlights. We ended the quarter with nearly $1.3 billion in cash and cash equivalents and nearly $400 million of available capacity under our revolving credit facility. Inventory grew 49% versus last year and was $966 million at the end of Q4. Our product teams continue to strategically use air freight to help mitigate industry-wide supply chain issues, with these higher costs having an impact on inventory when looked at on a dollar basis. We also believe that 2019 is the most relevant comparison point given supply chain challenges since the beginning of the pandemic.

轉向我們的資產負債表亮點。我們在本季度結束時擁有近 13 億美元的現金和現金等價物，以及循環信貸額度下的近 4 億美元可用產能。庫存與去年相比增長了 49%，到第四季度末為 9.66 億美元。我們的產品團隊繼續戰略性地使用空運來幫助緩解整個行業的供應鏈問題，以美元計算，這些更高的成本會對庫存產生影響。我們還認為，鑑於大流行開始以來的供應鏈挑戰，2019 年是最相關的比較點。

On a 2-year CAGR basis, unit inventory increased 29% relative to 2019 at the end of Q4 and is well positioned relative to our Q1 2022 top line guidance of a 25% to 26% increase on a 3-year CAGR basis. Again, comparing to 2019. Due to the supply chain issues that existed throughout 2021, we were in an under-inventory position for most of the year and likely could not fulfill all guest demand, which our product teams have taken into account as they have planned merchandise receipts for 2022. In addition, we continue to leverage our core assortment, which makes up approximately 45% of our total inventory.

在 2 年復合年增長率的基礎上，單位庫存在第四季度末相對於 2019 年增長了 29%，並且相對於我們在 2022 年第一季度的 3 年復合年增長率基礎上增長 25% 至 26% 的頂線指引處於有利位置。再次與 2019 年相比。由於整個 2021 年都存在供應鏈問題，我們在一年中的大部分時間都處於庫存不足的狀態，很可能無法滿足所有客人的需求，我們的產品團隊已經考慮到了這一點計劃 2022 年的商品收據。此外，我們繼續利用我們的核心分類，該分類約占我們總庫存的 45%。

Looking forward and grounded in my prior comments, we expect inventory dollars to grow in excess of the 49% 1-year growth rate we experienced at the end of Q4 2021 until the end of the year when the growth rate will begin to moderate. However, when looking at units, we'd expect growth in line with the 29% CAGR at the end of Q4 versus our 3-year CAGR revenue guidance of 23% to 24%.

展望未來並基於我之前的評論，我們預計庫存美元的增長將超過我們在 2021 年第四季度末經歷的 49% 的 1 年增長率，直到今年年底增長率開始放緩。然而，在查看單位時，我們預計第四季度末的複合年增長率為 29%，而我們的 3 年復合年增長率為 23% 至 24%。

In Q4, we repurchased approximately 844,000 shares at an average price of approximately $381. For the full year, we repurchased 2.2 million shares, returning $813 million to shareholders. By mid-March, we have completed our current authorization, and I'm pleased that our Board has authorized a new $1 billion program. This program is our largest individual authorization ever and speaks to the optimistic view of our future shared by our management team and our Board of Directors.

在第四季度，我們以約 381 美元的平均價格回購了約 844,000 股股票。全年，我們回購了 220 萬股股票，向股東返還了 8.13 億美元。到 3 月中旬，我們已經完成了目前的授權，我很高興我們的董事會已經授權了一項新的 10 億美元計劃。該計劃是我們有史以來最大的個人授權，體現了我們的管理團隊和董事會對我們未來的樂觀看法。

Before discussing our guidance, I'd like to provide an update on MIRROR. As Calvin said, MIRROR performed in line with our expectations in Q4. For the year, revenue and dilution were also in line with our expectations. Looking at 2022, we expect MIRROR will generate revenue in excess of 2021 and dilution will improve. Beyond that, we'll have more to say regarding MIRROR at our Analyst Day, when we're excited to share with you our updated vision for the business.

在討論我們的指導之前，我想提供有關 MIRROR 的更新。正如 Calvin 所說，MIRROR 在第四季度的表現符合我們的預期。年內，收入和攤薄也符合我們的預期。展望 2022 年，我們預計 MIRROR 將產生超過 2021 年的收入，並且稀釋度將有所改善。除此之外，我們將在分析師日有更多關於 MIRROR 的發言，屆時我們很高興與您分享我們對業務的最新願景。

Let me shift now to our outlook for Q1 and the full year 2022. For Q1, we expect revenue in the range of $1.525 billion to $1.55 billion, representing a 1-year growth rate of 24% to 26% and a 3-year CAGR of 25% to 26%. We expect to open 5 to 10 net new company-operated stores in Q1. I'd also note that store productivity has trended modestly above 2019 levels to date in Q1. We expect gross margin in Q1 to be down 200 to 250 basis points relative to Q1 of 2021. Our Q1 guidance includes an impact of approximately 300 basis points of pressure from air freight costs due to port congestion and capacity constraints.

現在讓我轉向我們對第一季度和 2022 年全年的展望。對於第一季度，我們預計收入在 15.25 億美元至 15.5 億美元之間，1 年增長率為 24% 至 26%，3 年復合年增長率25% 到 26%。我們預計第一季度淨新開 5 至 10 家公司自營店。我還注意到，迄今為止，第一季度商店的生產力已略高於 2019 年的水平。我們預計第一季度的毛利率將比 2021 年第一季度下降 200 至 250 個基點。我們的第一季度指導包括由於港口擁堵和運力限製而受到空運成本壓力約 300 個基點的影響。

In Q1, we expect SG&A leverage of approximately 200 to 250 basis points relative to 2021. Drivers of the leverage include reduced digital marketing costs at MIRROR and cost efficiencies in both our store and e-commerce channels.

在第一季度，我們預計與 2021 年相比，SG&A 槓桿率約為 200 至 250 個基點。槓桿率的驅動因素包括 MIRROR 數字營銷成本的降低以及我們商店和電子商務渠道的成本效率。

Turning to EPS. We expect adjusted earnings per share in the first quarter to be in the range of $1.38 to $1.43 versus adjusted EPS of $1.16 a year ago. For the full year 2022, we expect revenue to be in the range of $7.49 billion to $7.615 billion. This range assumes our e-commerce business grows in the mid-teens relative to 2021. When looking at total revenue, our guidance implies a 3-year CAGR of 23% to 24%, which continues to be higher than our 3-year revenue CAGR of 19%, leading up to 2020.

轉向EPS。我們預計第一季度調整後的每股收益將在 1.38 美元至 1.43 美元之間，而一年前的調整後每股收益為 1.16 美元。對於 2022 年全年，我們預計收入將在 74.9 億美元至 76.15 億美元之間。該範圍假設我們的電子商務業務相對於 2021 年在十幾歲左右增長。在查看總收入時，我們的指導意味著 3 年的複合年增長率為 23% 至 24%，繼續高於我們的 3 年收入複合年增長率為 19%，直至 2020 年。

We expect to open approximately 70 net new company-operated stores in 2022. This is an increase relative to our recent annual opening cadence and reflects both the benefits and learnings from our pop-up strategy, which enables us to test and identify new markets where strong demand exists for our brand and informs our permanent store opening strategy and guests and insights derived from our digital business. Our new store openings in 2022 will include approximately 40 stores in our international markets and represents a square footage increase in the low 20% range.

我們預計在 2022 年將開設大約 70 家新的公司自營商店。相對於我們最近的年度開業節奏而言，這是一個增加，並反映了我們從快閃店戰略中獲得的好處和經驗，這使我們能夠測試和識別新市場對我們的品牌存在強烈需求，並為我們的永久開店戰略、客人和從我們的數字業務中獲得的見解提供信息。我們在 2022 年開設的新店將包括我們在國際市場上的約 40 家門店，其面積增長幅度在 20% 左右。

For the full year, we are forecasting gross margin to decrease between 50 to 100 basis points versus 2021. The reduction relative to last year is driven by increased investment in our DC network and a strategic increase in product development cost for MIRROR. The increased MIRROR cost and gross margin will be offset by a reduction in digital marketing, which flows through SG&A.

對於全年，我們預計毛利率將比 2021 年下降 50 至 100 個基點。與去年相比，下降的原因是我們對 DC 網絡的投資增加以及 MIRROR 產品開發成本的戰略性增加。增加的 MIRROR 成本和毛利率將被通過 SG&A 流動的數字營銷的減少所抵消。

Turning to SG&A for the full year. We are forecasting leverage of 50 to 100 basis points versus 2021 driven by the increased sales and the shift in MIRROR investments I just mentioned. And when looking at operating margin for the full year 2022, we continue to expect modest expansion.

轉向 SG&A 全年。由於銷售增加和我剛才提到的 MIRROR 投資的轉變，我們預測與 2021 年相比，槓桿率將達到 50 到 100 個基點。在查看 2022 年全年的營業利潤率時，我們繼續預計會有適度的擴張。

I also wanted to provide some additional color for the quarters beyond Q1. When looking at revenue, we expect growth in the low 20s on a 3-year CAGR basis in quarters 2 through 4. In terms of gross margin, we are taking into account the dynamic nature of the global supply chain environment, our current thinking regarding air freight usage and the ramp in air freight usage we experienced last year. We currently expect gross margin to decline approximately 200 to 250 basis points versus last year in Q2, declined approximately 100 to 150 basis points versus last year in Q3 and then expand versus last year in Q4.

我還想為第一季度之後的季度提供一些額外的顏色。在查看收入時，我們預計第 2 至第 4 季度的 3 年復合年增長率將在 20 多歲以下增長。在毛利率方面，我們正在考慮全球供應鏈環境的動態性質，我們目前的想法是空運使用量和我們去年經歷的空運使用量增長。我們目前預計第二季度毛利率將比去年下降約 200 至 250 個基點，第三季度與去年相比下降約 100 至 150 個基點，然後在第四季度與去年相比有所擴大。

In terms of SG&A, we'd expect it to be relatively flat with 2021 in quarters 2 and 3 and then leverage in Q4. For the full year 2022, we expect our effective tax rate to be approximately 29%. We expect our tax rate for 2022 to be higher than 2021 as we benefited from some higher tax deductions related to stock-based compensation in 2021. And in 2022, we are expecting to begin accruing for Canadian withholding taxes on earnings, which we aren't able to repatriate on a tax-free basis. For Q1, we expect our effective tax rate to be approximately 27.5%.

就 SG&A 而言，我們預計它在 2021 年第 2 和第 3 季度將相對持平，然後在第 4 季度發揮槓桿作用。對於 2022 年全年，我們預計我們的有效稅率約為 29%。我們預計 2022 年的稅率將高於 2021 年，因為我們受益於 2021 年與基於股票的薪酬相關的一些更高的稅收減免。並且在 2022 年，我們預計將開始對加拿大的收益預扣稅，我們不是能夠免稅遣返。對於第一季度，我們預計我們的有效稅率約為 27.5%。

For the fiscal year 2022, we expect diluted earnings per share in the range of $9.15 to $9.35 versus adjusted EPS of $7.79 in 2021. Our EPS guidance excludes the impact of any future share repurchases. We expect capital expenditures to be approximately $600 million to $625 million for 2022. The increase versus 2021 reflects increased investment in our supply chain, digital capabilities, new store openings and renovation as well as other technology and general corporate infrastructure projects. Notably, we are beginning a new multiyear project to increase our distribution capabilities to support our future volume and growth. And we are also ramping up our square footage growth relative to last year. A range of $600 million to $625 million is approximately 8% of revenue, in line with our current Power of Three target of 68%.

對於 2022 財年，我們預計每股攤薄收益在 9.15 美元至 9.35 美元之間，而 2021 年調整後每股收益為 7.79 美元。我們的每股收益指引不包括任何未來股票回購的影響。我們預計 2022 年的資本支出約為 6 億至 6.25 億美元。與 2021 年相比，這一增長反映了對我們的供應鏈、數字能力、新店開業和翻新以及其他技術和一般企業基礎設施項目的投資增加。值得注意的是，我們正在開始一個新的多年項目，以提高我們的分銷能力，以支持我們未來的銷量和增長。與去年相比，我們也在加快我們的平方英尺增長。 6 億美元至 6.25 億美元的範圍約為收入的 8%，符合我們目前 68% 的三強目標。

Thank you. And with that, I'll turn it back over to Calvin for some closing remarks.

謝謝你。有了這個，我會把它交給 Calvin 做一些結束語。

Thank you, Meghan.

謝謝你，梅根。

As you can see from these results in the early start to 2022, this is an exciting time for lululemon as we build upon the momentum in the business and the across-the-board performance of our products, channels and markets. We look forward to sharing more with you during our Analyst Day, which will be held in person in New York and available through a live stream. We will go into more details on the strength of the brand and speak to our next 5-year growth plan. And the fact that we have achieved our current growth targets ahead of schedule bodes well for the opportunities ahead.

正如您從 2022 年初的這些結果中看到的那樣，這對 lululemon 來說是一個激動人心的時刻，因為我們在業務發展勢頭以及我們產品、渠道和市場的全面表現的基礎上再接再厲。我們期待在分析師日期間與您分享更多信息，該日將在紐約親自舉行，並通過現場直播提供。我們將詳細介紹品牌實力，並討論我們的下一個 5 年增長計劃。我們提前實現了當前的增長目標這一事實預示著未來的機遇。

In closing, I want to thank everyone across lululemon for continuing to consistently deliver at such a high level. I'm honored to work alongside each of you as we continue to deliver for our guests, shareholders and one another.

最後，我要感謝 lululemon 的每一個人，感謝他們繼續以如此高的水平持續交付。在我們繼續為我們的客人、股東和彼此提供服務的過程中，我很榮幸能與你們每一個人一起工作。

And with that, we are happy to take your questions. Operator?

有了這個，我們很高興回答您的問題。操作員？

(Operator Instructions) Our first question comes from Ike Boruchow of Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Ike Boruchow。

Congrats on the performance. I guess, Calvin, I was just wondering if you could elaborate a little bit more on the pricing initiatives that you mentioned. Could you just kind of talk us through timing, how you're kind of surgically looking there? And then how do you think about pricing into the footwear collection as well, that would be great.

祝賀你的表現。我想，Calvin，我只是想知道您是否可以詳細說明您提到的定價計劃。你能不能跟我們談談時間，你是怎麼做手術的？然後你如何看待鞋類系列的定價，那太好了。

Right. Thanks, Ike. I mean we continue to be strategic with our pricing strategy as we have been in the past. We are taking modest selective price increases over the course of the year. Some will go in place in Q2. And as we look forward, into additional quarters. As I mentioned, it's a very small portion of our styles that are impacted, about 10%. And this will help offset some of the pressure we're seeing on AUC. But we are constantly looking at multiple factors, such as the value of innovation, our range within our own product categories as well as in the marketplace and making sure that the performance of our apparel is always at a higher index than our pricing is relative to competitive options in the marketplace. So we are taking selective, but it's not a drastic move.

正確的。謝謝，艾克。我的意思是，我們將繼續像過去一樣在定價策略上保持戰略性。我們在這一年中採取適度的選擇性價格上漲。一些將在第二季度到位。正如我們期待的那樣，進入更多的季度。正如我所提到的，受到影響的只是我們樣式中的一小部分，大約 10%。這將有助於抵消我們在 AUC 上看到的一些壓力。但我們一直在關注多種因素，例如創新的價值、我們在我們自己的產品類別中以及在市場上的範圍，並確保我們的服裝性能始終處於高於我們定價的相對指數市場上的競爭選擇。因此，我們正在採取選擇性措施，但這並不是一個激烈的舉動。

And then from a pricing on footwear, we definitely as you saw with the introduction of Blissfeel opened in a competitive position. We will apply the same approach to our footwear as we have our entire lineup, meaning very little discounting. We priced it effectively based on the innovation. Immediate response has been incredible. So we feel well priced. I don't plan to take any additional actions on footwear this year, and we'll manage the category as we look forward with additional innovation as well as evolution of the category over the years ahead.

然後從鞋類定價來看，正如您所看到的，隨著 Blissfeel 的推出，我們絕對處於競爭地位。我們將對我們的鞋類採用與我們的整個產品線相同的方法，這意味著很少打折。我們根據創新對其進行了有效定價。立即的反應令人難以置信。所以我們覺得價格合理。我今年不打算對鞋類採取任何額外行動，我們將管理該類別，因為我們期待未來幾年該類別的更多創新和演變。

Our next question comes from Brooke Roach of Goldman Sachs.

我們的下一個問題來自高盛的布魯克·羅奇。

Calvin, I'd love to hear a little bit more about how you're contemplating the different levers of growth throughout the brand this year. How are you thinking about the contribution from the core product line relative to growth in new products, such as footwear, tennis, golf and OTM?

Calvin，我很想听聽你如何考慮今年整個品牌的不同增長槓桿。您如何看待核心產品線對鞋類、網球、高爾夫和 OTM 等新產品增長的貢獻？

Sure. Thanks, Brooke. Majority of our growth will continue to come from core. As you've heard me say before, we're early innings of growth across all of our growth levers. That starts with product and that's core within men's. That's core within women's that includes, obviously, the strength in our bottoms business and our core activities that we've identified, Run, Yoga, Train and OTM, where we still have opportunity to keep innovating and developing and bringing new innovation to the guests.

當然。謝謝，布魯克。我們的大部分增長將繼續來自核心。正如您之前聽到我所說的那樣，我們在所有增長槓桿上都處於增長的早期階段。從產品開始，這是男裝的核心。這是女裝的核心，顯然包括我們在底褲業務中的實力以及我們已經確定的核心活動，跑步、瑜伽、火車和 OTM，我們仍然有機會不斷創新和發展，並為客人帶來新的創新.

Then you factor in the growth potential across our channels, be it digital stores and then our regions. These are the drivers of the business, and it is rooted in core in the key categories and activities that we're known for. We're excited about not just the pipeline behind those and how we'll continue to expand, but our ability to reach and extend into new categories as we're pulled into them with our guests and what their sweat needs are. Very excited with the introduction of footwear, and we're taking a very disciplined long-term approach to building that category.

然後你會考慮我們渠道的增長潛力，無論是數字商店還是我們的地區。這些是業務的驅動力，它植根於我們眾所周知的關鍵類別和活動的核心。我們不僅對這些背後的管道以及我們將如何繼續擴展感到興奮，而且對我們接觸並擴展到新類別的能力感到興奮，因為我們與我們的客人一起進入了這些類別以及他們的汗水需求是什麼。對鞋類的推出感到非常興奮，我們正在採取非常嚴格的長期方法來建立該類別。

And as you've heard me reference before, we have a number of play activities, which we know are the secondary sweat activities of our core loyal guests. Tennis, golf, hike are some of those. And we're excited to be able to bring, again, some innovation that delivers on unmet needs. Now in these activities, the versatility of our product is where we really play to our strength. There are a lot of golfers out there in ABC pants and ABC shorts, metal event shirts.

正如您之前聽到我提到的，我們有許多遊戲活動，我們知道這是我們核心忠實客人的二次流汗活動。網球、高爾夫、遠足是其中的一些。我們很高興能夠再次帶來一些滿足未滿足需求的創新。現在在這些活動中，我們產品的多功能性是我們真正發揮我們優勢的地方。有很多高爾夫球手穿著 ABC 褲子和 ABC 短褲，金屬活動襯衫。

And we see a select opportunity to bring some very distinct innovation to that activity, in particular, builds credibility and it will lift both the activity, our credibility in the activity as well as the core versatile product that we have. So that's been the strategy, and we're just further down the development of it in this year and excited about the newness that we're going. But the majority of the growth is still coming from core where we have a significant opportunity to continue to bring innovation behind those key activities.

我們看到了為該活動帶來一些非常獨特的創新的精選機會，特別是建立信譽，它將提升活動、我們在活動中的信譽以及我們擁有的核心多功能產品。所以這就是我們的戰略，今年我們只是進一步推進了它的發展，並對我們即將到來的新事物感到興奮。但是大部分增長仍然來自核心，我們有很大的機會繼續為這些關鍵活動帶來創新。

Our next question comes from Adrienne Yih of Barclays.

我們的下一個問題來自巴克萊的 Adrienne Yih。

It's great to hear the momentum accelerating into the first quarter. So congrats. Calvin, I believe this is probably for you. Just wanted to get some more color on kind of the potential in the North American market. This is the most stores that you've opened in quite some years, 70, with 40 internationally. Just wondering, is there a new target for North America or maybe you'll give that to us in April? And should we expect this to be sort of the new steady state? And then Meghan, any metrics around those four-wall margins or in the size, I'm assuming is considerably larger than the average that you have in the opening.

很高興聽到勢頭加速進入第一季度。那麼恭喜。卡爾文，我相信這可能適合你。只是想在北美市場的潛力上獲得更多的色彩。這是你多年來開的最多的商店，有 70 家，其中 40 家在國際上。只是想知道，北美是否有新的目標，或者您可能會在 4 月將其提供給我們？我們是否應該期望這是一種新的穩定狀態？然後是梅根，我假設圍繞這四壁邊距或尺寸的任何指標都比你在開場時的平均水平要大得多。

Great. Thanks, Adrienne. There's no change in our store expansion strategy, and that includes both the addition of new stores, testing new markets and new opportunities through our seasonal store initiative as well as expanding existing stores where we go in. We validate the market through seasonal. We move to a permanent location. And as we grow the business, we look to expand it, all within a moderate range relative to others, but very much within the square footage that we know can continue to prove, deliver on the productivity numbers, the economics that we're looking for as well as show up and represent the brand in the way we want between men's, women's, in particular, and we're seeing great success in doing that.

偉大的。謝謝，阿德里安。我們的門店擴張策略沒有變化，包括增加新門店、通過我們的季節性門店計劃測試新市場和新機會，以及擴大我們進入的現有門店。我們通過季節性來驗證市場。我們搬到一個永久的位置。隨著我們業務的發展，我們希望擴大它，所有這些都在相對於其他業務的中等範圍內，但在我們知道可以繼續證明的平方英尺範圍內，提供我們正在尋找的生產力數據和經濟性以及以我們想要的方式在男裝、女裝之間展示和代表品牌，尤其是在這方面，我們看到了巨大的成功。

So we still see for that strategy, significant opportunity in North America. Predominantly driven by the U.S. with some select opportunity in Canada, but reinvesting in our fleet for the expansion, as I mentioned as well, is very much the balanced approach. And then on Analyst Day, we'll be able to share more over the next 5 years how we see. But we still have a lot of opportunity for growth in all markets, including North America, across stores as well as digital.

因此，我們仍然認為該戰略在北美存在重大機遇。主要由美國推動，在加拿大有一些選擇的機會，但正如我所提到的，對我們的機隊進行再投資以進行擴張是非常平衡的方法。然後在分析師日，我們將能夠在未來 5 年內分享更多我們的看法。但我們在所有市場（包括北美）、跨商店和數字市場仍有很多增長機會。

And Adrienne, I'd add, we have very healthy four-wall margins north of 20% for our store fleet and feel really confident in these openings as well as strong productivity. And we're healthy levels with the store productivity reaching back to 2019 levels quarter-to-date. So feel optimistic about store performance as we move forward, an important part of our strategy.

我要補充的是，Adrienne 的四壁利潤率非常健康，超過 20%，我們的商店車隊對這些開業和強大的生產力感到非常有信心。我們處於健康水平，商店的生產力本季度回到 2019 年的水平。因此，在我們前進的過程中，對門店業績感到樂觀，這是我們戰略的重要組成部分。

Our next question comes from Lorraine Hutchinson of Bank of America.

我們的下一個問題來自美國銀行的 Lorraine Hutchinson。

I was just hoping for an update on the international business, both Europe and Asia, where you stand profitability-wise and how you expect that to unfold in the coming years?

我只是希望獲得有關歐洲和亞洲國際業務的最新信息，您在盈利方面的立場以及您預計未來幾年將如何發展？

Yes. Lorraine, it's Meghan. We reached, as Calvin mentioned, profitability in Europe, which would put us profitable overall for international region. Still see opportunity with scale as we expand that business, and we'll share more on our international strategy in a few weeks on Analyst Day.

是的。洛林，是梅根。正如卡爾文所說，我們在歐洲實現了盈利，這將使我們在國際地區整體盈利。隨著我們擴大業務，我們仍然看到了規模化的機會，我們將在幾週後的分析師日分享更多關於我們國際戰略的信息。

Our next question comes from John Kernan of Cowen.

我們的下一個問題來自 Cowen 的 John Kernan。

Congrats on a phenomenal year and a great start to 2022. Looking forward to the Analyst Day. Meghan, did you give guidance for DTC in terms of the full year revenue guidance? I think I heard mid-teens? And if that's the case -- that does seem to imply that store productivity is now ramping above 2019 levels even as you open a lot of new stores internationally, and we're still not even fully out of a pandemic. So maybe if you could talk to DTC growth within guidance and store productivity within full year guidance and then what you're seeing from some of the newer stores that are coming online in terms of productivity?

祝賀非凡的一年和 2022 年的良好開端。期待分析師日。梅根，您是否就全年收入指導為 DTC 提供了指導？我想我聽說過十幾歲？如果是這樣的話——這似乎確實意味著商店的生產力現在正在超過 2019 年的水平，即使你在國際上開設了很多新店，我們甚至還沒有完全擺脫大流行。因此，也許您可以在指導範圍內討論 DTC 增長，在全年指導範圍內討論商店生產力，然後您從一些新上線的商店中看到的生產力方面呢？

Yes. Thanks, John. So we did share overall revenue growth of 20% to 22% on a 1-year basis. And within that, e-commerce growing in the mid-teens on an annual basis. And that would contemplate store productivity above 2019 levels, which we are seeing currently in Q1. I would say we continue to plan our business from an omni perspective and multiple channel scenarios to be able to meet the demand and where it comes to us and also navigating COVID-19 impacts were relevant. But that's our current outlook in terms of mid-teens growth for e-com and then stores above 2019 productivity.

是的。謝謝，約翰。因此，我們確實在 1 年的基礎上分享了 20% 至 22% 的整體收入增長。其中，電子商務每年都在十幾歲左右增長。這將考慮到高於 2019 年水平的商店生產力，我們目前在第一季度看到。我想說，我們會繼續從全方位和多渠道場景規劃我們的業務，以便能夠滿足需求以及它對我們的影響，並且導航 COVID-19 的影響是相關的。但這就是我們目前對電子商務的青少年增長以及超過 2019 年生產力的預期。

Got it. And then maybe one quick follow-up. The CapEx is stepping up a bit this year and obviously, stores growth is accelerating. But can you talk to other investments that might be going in the CapEx?

知道了。然後也許是一個快速的跟進。今年資本支出有所增加，顯然，商店增長正在加速。但是你能談談可能在資本支出中進行的其他投資嗎？

Yes. It's really 2 key pieces. So the step-up in stores is one of them. And then we're also beginning a multiyear DC expansion strategy to support the long-term growth of our business. That capital range that we provided is 8% of sales, so in line with the 6% to 8% target that we provided on our last Analyst Day.

是的。這真的是2個關鍵部分。因此，商店的升級就是其中之一。然後，我們還開始了一項多年的 DC 擴張戰略，以支持我們業務的長期增長。我們提供的資本範圍是銷售額的 8%，因此符合我們在上一個分析師日提供的 6% 到 8% 的目標。

Our next question comes from Matthew Boss of JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

Congrats on the continued momentum. So Calvin, maybe could you just speak to drivers of the recent top line acceleration that you cited in the business? Maybe touch on categories. What are you most excited about as we think about the core innovation pipeline and how that potentially sets up for the potential halo as room to these additional categories across the store?

祝賀持續的勢頭。那麼卡爾文，也許你能談談你在業務中提到的最近的頂線加速的驅動因素嗎？也許觸及類別。當我們考慮核心創新管道時，您最興奮的是什麼，以及它如何潛在地為商店中這些額外類別的空間建立潛在的光環？

Great. Thanks, Matthew, and that's -- I'll try to share some of my excitement and make sure that I hold enough for us celebrating in a few weeks when we come together on Analyst Day. But clearly, we know that product fuels our business and our momentum, and it has and it will continue to. And we are early innings on that product development opportunity. And there has been no fundamental change in the strategy of the key categories of Run, Train, Yoga and OTM and some of the key play activities, as I mentioned.

偉大的。謝謝，馬修，那是 - 我將嘗試分享我的一些興奮，並確保我有足夠的時間讓我們在分析師日聚在一起慶祝幾週。但很明顯，我們知道產品為我們的業務和動力提供動力，而且它已經並將繼續。我們是該產品開發機會的早期階段。正如我所提到的，Run、Train、Yoga 和 OTM 的關鍵類別以及一些關鍵的遊戲活動的策略沒有根本性的變化。

What has driven our momentum in the business is really the continual introduction of those activities, gaining credibility behind those activities as well as color and flow. We have continued to work through the logistical challenges, saw a greater disruption in the fourth quarter, although still very pleased with our results. And the team continues to get better. So flow is better, core solid and the new innovation in either franchise supporting activities or in the new innovation that I alluded to.

真正推動我們業務發展的動力是不斷推出這些活動，在這些活動以及色彩和流程背後獲得可信度。我們繼續努力應對後勤挑戰，在第四季度看到了更大的中斷，儘管我們仍然對我們的結果感到非常滿意。並且團隊繼續變得更好。因此，無論是特許經營支持活動還是我提到的新創新，流程都更好，核心更穩固，新創新。

Both men's and women's saw very strong double-digit growth. Every category within men's and women's, very strong outerwear second layer and technical shorts were some of the standout in fourth quarter. Obviously, COC, the Canadian Olympic Committee gear performed very well, introduction of footwear is off to a great start. These are small in relative terms, but we know our position to create brand awareness, consideration, drive loyalty with our existing guests and attract new guests and very encouraged with how well they're performing in those metrics as well.

男裝和女裝均實現了非常強勁的兩位數增長。男裝和女裝中的每個類別，非常堅固的第二層外套和技術短褲都是第四季度的佼佼者。顯然，加拿大奧委會裝備COC表現非常出色，鞋類的推出有了一個良好的開端。這些相對而言很小，但我們知道我們在創造品牌知名度、考慮、提高現有客人的忠誠度和吸引新客人方面的地位，並對他們在這些指標上的表現感到非常鼓舞。

And then as I look forward into '22, we have some exciting additions to existing powerful franchises, scuba, our Define, OTM, as our guests go back to work. The team has been working and building that out. We see men's is -- we're more developed than OTM for him and the team has been working on building out the assortment for her in terms of the versatility functionality of our gear. It really is a completely open space and opportunity for us. And then some of the play categories that are fun.

然後，當我期待 22 年的時候，隨著我們的客人重返工作崗位，我們在現有強大的特許經營權、水肺、我們的 Define、OTM 上增加了一些令人興奮的東西。該團隊一直在努力並構建它。我們看到男裝是——我們對他來說比 OTM 更發達，團隊一直在努力為她打造出我們裝備的多功能性的分類。這對我們來說確實是一個完全開放的空間和機會。然後是一些有趣的遊戲類別。

But more importantly, and I alluded to them before, is they build credibility in these activities and 80% of the assortment of these activities is our core product. So this is all geared and designed around remaining narrow and focused on assortment, driving consideration awareness and the key activities that we focused on and using both core and newness to drive that credibility and ultimately, the sales back to core. The formula is working and continues to build momentum, and we're excited, and we'll share a lot more on Analyst Day, but that gives you a little bit of flavor for the start of this year, at least until we get into the longer play.

但更重要的是，我之前提到過，他們是否在這些活動中建立了信譽，而這些活動的 80% 是我們的核心產品。因此，這一切都是圍繞保持狹窄和專注於分類、提高考慮意識和我們關注的關鍵活動而設計和設計的，並利用核心和新穎性來推動這種可信度，並最終使銷售回歸核心。這個公式正在發揮作用並繼續建立勢頭，我們很興奮，我們將在分析師日分享更多內容，但這會給你今年年初的一些味道，至少在我們進入之前玩的越久。

Great. Looking forward to the celebration in a few weeks.

偉大的。期待幾週後的慶祝活動。

Our next question comes from Dana Telsey of Telsey Advisory Group.

我們的下一個問題來自 Telsey 諮詢集團的 Dana Telsey。

Congratulations on the nice results. As you think about new customer acquisition and new customer expansion. What are you seeing there? What do you see in digital versus stores? And any updates to your enhancements of how you're thinking to reintroduce the loyalty program and progress on re-commerce and what that can do to sales and margins?

祝賀你取得了不錯的成績。當您考慮新客戶獲取和新客戶擴展時。你在那兒看到什麼？您在數字與商店中看到了什麼？以及您對如何重新引入忠誠度計劃和電子商務的進展以及這對銷售和利潤率有何影響方面的任何更新？

Dana, we saw growth across both new and existing guests in Q4. We've also experienced, as we've mentioned previously, more cross-shopping throughout the pandemic period, and we see higher value from our guests who come to us both on e-commerce and stores. So we continue to see that as an opportunity long term, and then I'll let Calvin take the loyalty question.

Dana，我們在第四季度看到新客人和現有客人的增長。正如我們之前提到的，在整個大流行期間，我們還經歷了更多的交叉購物，我們看到來自電子商務和商店的客人的更高價值。所以我們繼續認為這是一個長期的機會，然後我會讓 Calvin 回答忠誠度問題。

Yes. I'll quickly touch on both loyalty and reCommerce. Again, we'll probably sound, I apologize to the group, a bit of a broken record, but there are a lot of exciting initiatives that we've been testing and piloting and learning from and they play into our 5-year vision. And I do want to save for our time together in New York. But on loyalty, clearly, this brand has very strong loyalty with our guests. And uniquely and interestingly, it's been built the way we'd want it to through relationships, incredible product.

是的。我將很快談到忠誠度和電子商務。再次，我們可能會聽起來，我向小組道歉，有點破紀錄，但有很多令人興奮的舉措，我們一直在測試、試點和學習，它們在我們的 5 年願景中發揮作用。而且我確實想為我們在紐約的時間節省時間。但在忠誠度方面，很明顯，這個品牌對我們的客人有著非常強烈的忠誠度。獨特而有趣的是，它是按照我們希望的方式構建的，通過關係，令人難以置信的產品。

We tested a loyalty program that extended that relationship into sweat and strengthened our position of community in our stores. And that led to our confidence around the MIRROR acquisition, which is really an opportunity for us to position it in that membership base as a means to drive loyalty and retention with the lululemon guests. And that's what we'll be sharing is the opportunity of further driving that through synergy and integration and we see a very unique and exciting proposition there. So more on loyalty to come.

我們測試了一項忠誠度計劃，該計劃將這種關係擴展為汗水，並加強了我們在商店中的社區地位。這讓我們對收購 MIRROR 充滿信心，這對我們來說確實是一個機會，可以將其定位到會員群中，作為提高 lululemon 客人忠誠度和保留率的一種方式。這就是我們將要分享的是通過協同作用和整合進一步推動這一點的機會，我們在那裡看到了一個非常獨特和令人興奮的主張。所以更多的忠誠度來了。

And then on reCommerce, we're excited with the test that we did this year. We were in 2 states, California and Texas. We had 80 stores participating. Basic program is gently used, guests can bring in product. They get a gift card on a predetermined dollar rate for the items they bring in. Those go to a third party. Those items, they get washed, they get posted. And we are very encouraged with what we're seeing in terms of not just existing gas bringing in sort of an incentive to clean out the closet and get some of those still very good and quality product into someone else's hands and see them redeem the gift cards, renew their wardrobe and then new guests being acquired through the pricing of the reCommerce product on our website.

然後在 reCommerce 上，我們對今年所做的測試感到興奮。我們在兩個州，加利福尼亞州和德克薩斯州。我們有 80 家商店參與。基本程序輕輕使用，客人可以自帶產品。他們會以預定的美元價格為他們帶來的物品獲得一張禮品卡。這些禮品卡會交給第三方。那些物品，它們被清洗，它們被張貼。我們對我們所看到的情況感到非常鼓舞，不僅僅是現有的天然氣帶來了一種激勵來清理壁櫥並將一些仍然非常優質的產品送到其他人手中，並看到他們兌換禮物卡片，更新他們的衣櫥，然後通過我們網站上的 reCommerce 產品定價獲得新客人。

So we'll share more of our thinking moving forward. But the program is performing very well. It's meeting and exceeding in terms of its goal, which is getting at current guests to spend more, acquisition of new guests with a more approachable entry price point and supporting our planetary initiatives and offering end-of-life solutions for our guests and being leaders in those goals. So very encouraged more to share in a few weeks.

因此，我們將分享更多我們的想法。但是該程序的表現非常好。它正在達到並超越其目標，即讓現有客人花費更多，以更平易近人的入門價格獲得新客人，支持我們的全球計劃，並為我們的客人和成為領導者提供報廢解決方案在那些目標中。所以非常鼓勵在幾週內分享更多。

Our next question comes from Michael Binetti of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

Congrats on a great quarter. I guess just for coming up on the Analyst Day, I know the SG&A plan for 2023 was about $2 billion. In that, you're on about $6 billion to $6.3 billion of revenues. You did the revenue number this year you pointed out, which is nice to see. But the SG&A was about $2.2 billion, so a little higher than you thought on similar revenues. I know, Calvin, we've talked about this on a few other conference calls.

祝賀一個偉大的季度。我猜只是為了在分析師日到來，我知道 2023 年的 SG&A 計劃約為 20 億美元。在那，您的收入約為 60 億至 63 億美元。你做了你指出的今年的收入數字，很高興看到。但 SG&A 約為 22 億美元，比你想像的類似收入要高一點。我知道，Calvin，我們已經在其他幾次電話會議上討論過這個問題。

But some of the big investment buckets in there and especially e-commerce, you had to pull forward to service all the demand you had in 2020. But did you -- I mean, are some of the investments that you were thinking about beyond '23 in the original framework? Have you already started those investments? And then I guess on international margins, you said -- oh sorry, international margins, I think at Analyst Day, last time you said international would quadruple. And then I think you said international margins had just broken even in 2018 and that international will be 10% to 15% of earnings by 2023.

但是那裡的一些大投資，尤其是電子商務，你必須向前推進以滿足你在 2020 年的所有需求。但你是否——我的意思是，你正在考慮的一些投資超越了“ 23 在原始框架中？你已經開始這些投資了嗎？然後我猜在國際利潤率上，你說 - 哦，對不起，國際利潤率，我想在分析師日，上次你說國際利潤率會翻兩番。然後我想你說國際利潤在 2018 年剛剛達到收支平衡，到 2023 年國際利潤將佔收入的 10% 到 15%。

So a lot of margin expansion was baked in at that time. Maybe some of the comments today made it sound like you hit a lot of your domestic targets early, but maybe there's some room left as an opportunity on international. Maybe you could orient us on where the margins are in international where you see the opportunity?

因此，當時大量的利潤擴張已經出現。也許今天的一些評論聽起來像是你早早地達到了很多國內目標，但也許在國際上還有一些空間作為機會。也許您可以將我們定位在您看到機會的國際利潤空間？

Michael, it's Meghan. So in terms of SG&A for 2022, so we are really pleased that we are guiding to operating margin that's just modestly under 2019, including the consolidation of MIRROR and then also inclusive of a 280 basis point impact from air freight pressure. We're really focused on optimizing that op margin expansion. And we have made some shifts in our investment profile, so investing more behind digital as we navigated the pandemic, which those expenses hit predominantly in SG&A. And then we pulled back to some degree on new store openings and renovations and saw that benefit within our gross margin.

邁克爾，我是梅根。因此，就 2022 年的 SG&A 而言，我們真的很高興我們將營業利潤率引導至略低於 2019 年的水平，包括合併 MIRROR，然後還包括空運壓力帶來的 280 個基點的影響。我們真正專注於優化運營利潤率擴張。而且我們在投資結構上做了一些改變，因此在我們度過大流行病的過程中，更多地投資於數字化背後，這些費用主要在 SG&A 中受到影響。然後我們在一定程度上撤回了新店開業和裝修，並在我們的毛利率中看到了這種好處。

So confident in our investment profile and that sets us up for long-term sustainable growth, and we'll continue to take that approach going forward. And then in terms of international, we did guide to revenue quadrupling by 2023. So we, as Calvin mentioned, we'll reach that goal in 2022. And then our earnings are on track to what we expected. And overall, I would say our business has performed, overperformed in North America as well. So in terms of overall dollars have reached that goal and penetration may differ slightly.

對我們的投資狀況充滿信心，這為我們實現長期可持續增長奠定了基礎，我們將繼續採用這種方法向前發展。然後在國際方面，我們確實指導到 2023 年收入翻兩番。因此，正如 Calvin 所提到的，我們將在 2022 年實現這一目標。然後我們的收入將達到我們的預期。總的來說，我想說我們的業務在北美也表現出色。因此，就整體美元而言，已達到該目標，滲透率可能略有不同。

Our next question comes from Mark Altschwager of Baird.

我們的下一個問題來自 Baird 的 Mark Altschwager。

Congrats on the strong year. So the initial revenue guidance this year is quite a bit ahead of the Power of Three growth targets. And I know we'll need to wait a few weeks here to hear the details on the new 5-year plan. But I'm wondering if we should read from the 2022 guidance that you're confident the business is in a place to sustain this higher level of growth that you've been delivering over the last few years and that you're planning for 2022?

祝賀強勁的一年。因此，今年的初始收入指導遠超三倍增長目標。我知道我們需要在這裡等幾週才能聽到有關新 5 年計劃的詳細信息。但我想知道我們是否應該從 2022 年的指導中讀到，您有信心企業能夠維持您在過去幾年中實現的更高水平的增長，並且您正在計劃 2022 年?

Thanks, Mark. So at this point in time, until we update in a few weeks, we are maintaining that commitment to the low teens growth rate. We are expecting higher growth this year. We've been talking about -- we thought we had some missed demand in 2021 as we navigated through some supply chain challenges. So feel comfortable with our guide, which is above expectations of 23% to 24% on a 3-year CAGR basis and really broad-based overperformance category, region and channel, and we'll share more work with you in a couple of weeks.

謝謝，馬克。因此，在這個時間點，直到我們在幾週內更新之前，我們都將保持對青少年低增長率的承諾。我們預計今年會有更高的增長。我們一直在談論——我們認為在應對一些供應鏈挑戰時，我們在 2021 年有一些需求缺失。因此，請對我們的指南感到滿意，該指南在 3 年復合年增長率的基礎上高於 23% 至 24% 的預期，並且非常廣泛的超額表現類別、地區和渠道，我們將在幾週內與您分享更多工作.

Operator, we'll take 1 more question.

接線員，我們再回答 1 個問題。

Our next question comes from Paul Lejuez of Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

Two quick ones. One, just curious if you can share how big you expect the footwear business to be in '22. And second, can you talk about real estate projects that you're planning for '22 beyond just the store openings that you mentioned? How many expansions, relocations, remodels and any data you can provide on the remodels that you've done?

兩個快的。一，只是好奇您是否可以分享您對 22 年鞋類業務的預期規模。其次，除了你提到的開店之外，你能談談你計劃在 22 年規劃的房地產項目嗎？您可以提供多少次擴建、搬遷、改造以及您所做的改造的任何數據？

Paul, it's Meghan. So in terms of footwear, we're not putting a number on 2022 and we'll share more on how we're thinking about that business. It's a small portion. And again, just a test-and-learn category for us. In addition to the 70 new store openings, we are also planning on 35 co-located remodels, which is up from 22 in 2021. So that continues to be a strong strategy for us and allows us to expand our footprint and maximize our revenue opportunity where we have high sales per square foot and help to showcase a broader assortment of our women's and also men's product.

保羅，是梅根。因此，就鞋類而言，我們不會在 2022 年給出一個數字，我們將分享更多關於我們如何看待該業務的信息。這是一小部分。再一次，對我們來說只是一個測試和學習的類別。除了開設 70 家新店外，我們還計劃進行 35 家同地改造，比 2021 年的 22 家有所增加。因此，這對我們來說仍然是一個強有力的戰略，使我們能夠擴大我們的足跡並最大化我們的收入機會我們每平方英尺的銷售額很高，有助於展示我們更廣泛的女裝和男裝產品。

And then can you talk about the lift that you see when you do those remodels, both in aggregate, total volume and sales per square foot?

然後你能談談你在進行這些改造時看到的提升，包括總量、總銷量和每平方英尺的銷售額？

Yes. We haven't broken out that specifically, but we do see -- we do target those optimizations in areas where the sales per square foot is above our average. And do expect to see a meaningful lift from a revenue perspective, adding on a more meaningful portion of our men's revenue.

是的。我們沒有具體說明這一點，但我們確實看到了——我們確實針對每平方英尺銷售額高於我們平均水平的區域進行了優化。並且確實希望從收入的角度看到有意義的提升，增加我們男性收入的更有意義的部分。

Thank you, that's all the time we have for questions today. Thank you for joining the call, and have a nice day.

謝謝，這就是我們今天的所有問題。感謝您加入電話會議，祝您有美好的一天。